Tim Cook hands Apple to Ternus: bigger and richer, but catching up in AI race

Tim Cook, Apple's CEO since 2011, is set to hand over the reins to hardware chief John Ternus on September 1. Cook, who has transformed Apple from a $350 billion company to a $4.5 trillion behemoth, will become executive chairman during his final days in the role. His leadership has been marked by a focus on supply chain management and operational excellence, which has driven Apple's growth in recent years.

Cook's strategy of turning the iPhone user base into a recurring revenue machine has outpaced growth in the company's hardware business. However, Cook faces the challenge of AI in the post-Apple era, as critics argue that he has failed to innovate beyond the iPhone. Other misses under Cook's tenure include Apple's scrapped EV project, botched launch of Apple Maps, and lag in AI features like Siri.

Despite these challenges, Cook's legacy includes creating a values-driven culture within Apple and positioning the company as an institution, giving him space to focus on strategy and resource allocation.